All posts tagged Wealth

Wealth has its privileges, particularly in China where worship of money conveys high status on the rich. But for the well-educated single daughters of Chinese tycoons, wealth can also be a curse.

Bloomberg News

Kelly Zong, the daughter of Chinese billionaire beverage tycoon Zong Qinghou, said earlier this year that she has never had a boyfriend. The 30-year-old hard-charging businesswoman, who looks after overseas deals at Wahaha Group, bemoaned in a recent interview that she feels “pessimistic about love” after so many men have been found wanting.

Ms. Zong is just one of several female members of China’s so-called fu’erdai, or second-generation rich, who say they are finding it hard to find a suitable mate –a trend that complicates the future for several of China’s family-owned businesses, and is giving new purpose to some of the country’s entrepreneur networks. Read More »

Asia sprouted a new crop of millionaires over the past year, with growth of wealth in China topping the charts.

According to a report this week by Credit Suisse, the country now has 6% of the world’s total of ultra-high-net-worth individuals, or those with fortunes in excess of $50 million. That’s second only to the United States, which commands nearly half the world’s total. Between 2005 and 2010, the number of billionaires in China grew from two to 64. Read More »

To make it to the top 1% in terms of income in China requires an annual income of $91,639, versus more than $506,000 to break into the top 1% in the U.S. Use the China Real Time calculator to see where you measure up. Read More »

Over the past year in China, the ultra-rich didn’t get richer–they got poorer and shrank in number, even as the ranks of the ultra-rich and their assets swelled in other parts of the world.

At least some of their money went to Hong Kong, where the ultra-rich now have some US$530 billion worth of assets, a US$60 billion increase from the previous year, according to a new report from private-wealth consulting firm Wealth-X and UBS AG. Read More »

With the world’s second-largest economy in the midst of an extended slowdown, growth in the population of Chinese millionaires has fallen to its slowest pace in five years, according to a new report from wealth research firm Hurun Research Institute and media firm GroupM Knowledge.

The number of Chinese people boasting personal wealth of at least 10 million yuan ($1.6 million) hit 1.05 million in 2012, up 3% over the previous year, according to the report. Read More »

Hollywood has picked up the film rights to “Crazy Rich Asians,” author Kevin Kwan’s best-selling novel about three prominent Chinese families preparing for a lavish wedding in Singapore.

Color Force, the production company behind last year’s hit “The Hunger Games,” acquired the rights for an undisclosed amount. The film will be produced outside of the studio system, it said in a statement. Read More »

While some of China’s rich are patiently waiting for their children to enter the financial services industry when they grow up, they are less patient when it comes to seeking returns from private-equity investments and have their eyes set on overseas assets rather than domestic investments.

Investors are bringing their children to fundraising events and telling them that “this is the industry I want you to be in,” according to Jingshen Huang, TPG Capital’s Shanghai-based partner in charge of the U.S. firm’s yuan funds. Read More »

Despite China’s campaign against corruption, President Xi Jinping’s administration is defending an entitlement of Chinese public service: concealed wealth. Authorities also appear to be cracking down on transparency advocates; a tire plant in eastern China is poised to change foreign owners, but the takeover isn’t sitting well with its more than 5,000 Chinese workers; the low-cost travel boom has altered the airline landscape in Asia, but in China, regulators have until now been reluctant to open its market to budget airlines. Read More »

Expert Insight

China’s territorial ambitions in the East and South China seas are by now well-documented. Much less understood is one of the key factors in the country’s ability to realize those ambitions: an increasingly well-funded and capable maritime militia.

The U.S. has been urging allies to steer clear of Asia's new China-led infrastructure investment bank. Robert Zoellick, former president of the World Bank, calls that approach mistaken on multiple levels.

Can legal reform and Communist Party control coexist in a way that will benefit Chinese governance and society?This is the question that confronts the country in the wake of its annual legislative gathering.

China's just-concluded legislative sessions seem to be another example of the deinstitutionalization of politics under Xi Jinping. Months from now, these meetings won’t be seen as harbingers of reform, so much as another lost opportunity, writes CRT analyst Russell Moses.

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